For those who have followed the trails of money laundering for any length of time, the term “diamond” has a specific meaning. In the world of dirty money, diamonds are not the sparkle and luxury you might associate with the gemstone. Instead, they refer to a specific type of money, consecutively numbered bank notes that have been laundered and scrubbed of their identifying numbers, making them almost impossible to trace back to their original source.
In this underworld, diamonds are often used as a way to wash away the digital footprints of illicit transactions, making it seem as if the money was always clean. But there’s another fish in the sea of dirty money, one that’s often overlooked: the eel. Not the shiny, sparkly gem, but the snake-like fish that snakes its way through the waters.
The eel in question is a type of wire transfer. Those who facilitate illicit transactions often use wire transfers to blend in with the legitimate money flows, making it harder to track the illegal funds. This is because wire transfers typically involve a network of banks, governments, and financial institutions, all of which maintain detailed records of transactions.
The eel has become a popular choice for money launderers due to its near-anonymity. Wire transfers can be made in minutes, allowing the launderer to quickly move large sums of money around the world, often with little to no traceable record of the original funds. Moreover, eels can be manipulated, using techniques like “round-tripping” (transferring the money multiple times between shell companies) to further obscure the origin of the funds.
Money laundering experts point out that the rise of digital currencies and fintech has made it easier for launderers to use eels, as they can exploit weaknesses in digital systems and the lack of transparency in some financial transactions. The anonymity of the Internet, coupled with the rapid speed of wire transfers, has created an ideal environment for money launderers to operate.
In a world where diamonds are not always the most valuable currency, the eel has become a valuable asset in the game of hide-and-seek with law enforcement. While efforts are being made to combat money laundering, the eel remains a significant challenge. As money laundering schemes continue to evolve, it’s crucial to stay up-to-date on the latest tactics and techniques to prevent the flow of dirty money and maintain a safer, more transparent financial system.
